In the past, we would look at the SPX and DJI together as these two are linked... They tend to have the exact same chart but it changed, it is different now.
The SPX after the Feb/March drop went on to print a higher high/a new peak/a new All-Time High throwing many people off as to what might come next.
The truth is that the market is overbought by the Feds and the new high is not something that was hit in a natural way... Look at the Dow Jones Index for example...
Here the ATH was hit back in February and this September instead of a new peak/ATH we ended up with a lower high.
With the DJI printing strong bearish volume, today's volume bar plus multiple days before, we have to be careful because the bears can easily take control.
We now have prices trading below EMA10 and EMA21. A bearish MACD and RSI because both come from high while aiming low.
The S&P 500 Index And The US Elections | Theory, Comments & More